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Then the fair market value of the car is the most that can be deducted, or the sold price of the car, whichever is higher. For example, an donors car sells to the charity for $100, and the fair market value of the car is $400 according to Kelly Blue Book. Then the owner can only write off up to $400 and not $500 because the fair market value is lower.
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What if the fair market value of my car is less than $500 according to KBB or NADA?
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